Staying Compliant Worldwide: FBAR, FATCA, and Foreign Trust Reporting for High-Net-Worth Clients

This session equips advisors to protect globally affluent clients from steep penalties tied to foreign asset reporting. Alicea Castellanos will explain FBAR and FATCA obligations, Form 3520/3520-A for foreign trusts, and reporting thresholds for foreign gifts and inheritances. With recent legal developments and rising IRS scrutiny, attendees will learn the reporting landscape, identify risk factors, and apply compliance strategies to shield clients from costly noncompliance.

Learning Objectives:

1. Understand FBAR, FATCA, and Form 3520/3520-A filing thresholds, penalties, and recent enforcement updates.
2. Identify which clients must report foreign accounts, trust interests, or gifts/inheritances, and which forms to file.
3. Learn best practices and disclosure options to remediate past compliance failures and prevent future issues.